UPDATE: UPDATE: Whitecap Resources to Buy Midway Energy; Whitecap Now Down 7%, Midway Pares Earlier Gain

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Whitecap Resources Inc. (WCP.TO) is still in the red in the afternoon, down almost 7% to $9.86. More than 5.2 million shares have changed hands.

The company announced that it has entered into an arrangement agreement providing for its acquisition of the issued and outstanding common shares of Midway Energy Ltd. (MEL.TO). Midway is a light oil weighted public company with its primary operations located in the Garrington area of Alberta where the majority of its production and reserves are focused in the Cardium formation.

Under the terms of the transaction, Midway shareholders shall receive, for each Midway common share held, at the election of the holder: $4.85 cash or 0.4802 of a Whitecap common share or a combination of cash and Whitecap Shares, subject in each case to a maximum.

Midway is still in the green at $4.71, but has pared earlier gains. More than 16 million shares have changed hands.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

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